North Carolina Down Payment Support Programs

Payments Gateway - These systems will be the deposit Assistance System along with the Mortgage Credit Certificate.

If you qualify for one of the programs and you purchase a property between December 1, 2009 and January 1, 2009, you can ALSO be eligible for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? A First Time Home Buyer is someone who has not owned a home in the previous three years. Here is the exact same qualifying definition.

What's a Mortgage Credit Certificate and Who Qualifies?

A Mortgage Credit Certificate (MCC) is a national tax credit to assist home buyers with low and average incomes. All home owners can claim an itemized deduction. The MCC takes this a step further.

Should you are eligible for the MCC, you'll be able to claim 20% of the interest you pay as a credit on your federal income taxes on your mortgage. It's possible for you to save as much as .

You may find a way to unite this if you do qualify for 2009, for the MCC. This could reduce the tax liability of a buyer's by $10,000.

Household income means the “gross income of the mortgagor and every other individual anticipated to reside in the residence who is 18 years of age or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are listed below.

MCC Income Limits 1 Man $61,500 2 Individuals $61,500 3 Men $70,500 4 Persons $70,500

MCC Sales Cost Limits New Home $220,000 Existing Residence $210,000

Who Qualifies for Down Payment Assistance?

Home buyers that want help with their down payment and closing prices may be able to get down payment assistance - or, in other words, interest-free, deferred second mortgages up to $8,000. The customer only needs to pay $1,000 of their own funds and the load would pay around .

This program has more stringent income limitations than the MCC plan summarized above. Like the MCC program, it might be used together with the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The down payment assistance, nonetheless, can't be applied along with the MCC. This really is an either or situation.

The income and house price limits that apply in Durham Orange and Chatham Counties are given below.

Down Payment Assistance Income Limitations

1 Individual $39,950 2 Individuals $45,650 3 Men $51,350 4 Individuals $57,050

Down Payment Assistance Sales Price Limits New Dwelling $210,000 Existing Dwelling $210,000